Problema Solution
Anne and Michael invested $8000 last year in tax-free bonds. Some of the bonds earned 8% interest while the rest earned 6% interest. At the end of the year, they had earned $580 in interest. How much did they invest at each interest rate?
Answer provided by our tutors
let
x = the money invested in the 8% interest bonds
y = the money invested in the 6% interest bonds
Anne and Michael invested $8000
x + y = 8000
at the end of the year, they had earned $580 in interest
0.08x + 0.06y = 580
by solving the system of equations
x + y = 8000
0.08x + 0.06y = 580
we find
x = $5,000
y = $3,000
click here to see the step by step solution of the system of equations
they invested $5,000 at 8% and $3,000 at 6%.